The way I got to know Account-Based Marketing or MBC was amazing. Like every process within consulting, coaching is something we have to do constantly.
Thus, in one of the conversations with the consulting director, with the intention of knowing more about the business and its specificities, Renato Ferreira ended up bringing a case from Terminus.
Perhaps what I found most amazing about ABM (Account-based Marketing) was the ability to integrate a strategy in order to engage multiple prospects from a given organization in one way.
It’s easier to appreciate this if you take that 2014 CEB statistic that shows that the average person involved in decision-making is around 5.4 people.
So it becomes easy to think that we shorten the sales cycle if we manage to bring in and educate as soon as possible those who are responsible for the sales process.
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- What is account-based marketing?
- But not everything is wonderful with MBC
- The power of integration
- The power of personalization
- The power of automation
What is account-based marketing?
Although not a new term, account-based marketing has gained traction in recent years.
It is basically a strategy that seeks to integrate diverse stakeholders in the pre and post-decision-making process in order to ensure that everyone gets the most out of the solution.
It’s also possible to think that MBC ends up generating much deeper demand and engagement when compared to the common lead generation strategy, so you’re targeting multiple decision-makers and influencers in the sales process.
The truth is that account-based marketing doesn’t just focus on acquiring new customers for your funnel, the idea is that you can also target your internal base in order to get upsells or avoid churns. After all, the more value you generate for your customer, the more dependent they are on your solution.
But not everything is wonderful with MBC
As pointed out by SiriusDecisions report, a company specializing in marketing, sales and products in the B2B market, 90% of marketers believe that account-based marketing is something that offers great value to those who practice it.
However, in the same survey, it is pointed out that, among those surveyed, only 20% have a strategy of this type being executed and 47% expressed concern for the lack of talent to execute this type of approach.
This research was carried out in the American market, a place that has brought the main innovations and is the cradle of several talents. I imagine these numbers must be even lower for our country.
In the search, it is possible to find even more interesting data, such as:
- Achieving better alignment between marketing and sales when practicing strategy: The vast majority say they are aligned between marketing and sales, 74% say they work with the sales team to set goals and 67% ask for help and get insights from the sales team.
The power of integration
It’s simple to consider that instead of dealing with the concept of leads, dealing with the concept of an account can be more expensive. However, that is exactly why, since the beginning of the process, we have been looking for the best accounts to be targeted by our campaign.
If you have a solution that:
- Be very complex and high touch;
- Have a high average ticket;
- With a long sales cycle.
We have a clear signal that you can take advantage of this type of strategy, as bringing everyone into the process tends to speed up the sale. That’s the power of integration that account-based marketing brings to your business.
If for a moment you believe that MBC is only for the B2B market, that’s not entirely true. We already have well-known companies like Spotify taking advantage of this kind of approach.
In this type of situation, some companies seek to build their brand by reaching a broader spectrum of those involved in the process, such as the family.
On Spotify it is possible to share the same account with several members of your family, creating a greater connection with the service, reducing churn rates and migration to other competing platforms.
The power of personalization
The personalization of account-based marketing contributes to an increase in quality in terms of the qualification of leads (accounts).
Once it becomes capable of directing the type of information it receives in real-time, it becomes possible to know, for example, if it is already part of an account and at which stage of the process that specific person is.
For example, several solutions clearly depend on the team’s involvement for us to consider that the aligned implementation in the sales process was a success.
So why not, from the beginning, already direct the team with a personalized and compelling message about your specific situation?
The justification for the personalization of the message is that while the manager is concerned with managerial problems, the operational team is concerned with operational activities.
And as selling is a process of education, of knowing that if there is a problem that needs to be solved, the more educated an organization is about the impact of a problem, the better.
It’s pretty clear here that defining what an account is and who the direct stakeholders are is one of the first steps that should be taken to define a correct account-based marketing strategy, right?
Personalization is also clearly driven by the buyer’s journey, as each of the leads can be at different stages.
While the first one already uses your tool, we have a second one that has never contacted your company.
In this way, you need to ensure that those at the bottom of the funnel are receiving personalized and targeted content on that specific point.
On the other hand, at the other end, you need to gain awareness from those who have never heard of our organization.
We know that every time we customize, we end up taking less scalable.
This is where automation comes in.
The power of automation
Once you have a defined account with the possible influencers and decision makers that were raised by your marketing and commercial intelligence team, we need a way to manage all these contacts in order to follow the process of trying to contact automated way.
Thus, marketing automation ends up making this activity easily manageable and monitorable.
A lead score (or account score) ends up notifying the marketing team about the situation automatically, leading to several possible actions.
From a transfer to a sales team to the definition of strategies to deal with a specific account. Your team becomes less reactive and more strategic when dealing with an account since we have marketing directing the sales team.
It’s easy to see the importance of being aware of new marketing trends. What is also necessary to know is the need to be always up-to-date on “how” to perform certain functions.
After all, innovation doesn’t come without a team that is willing to learn, theory and practice, from something. Opening up to the possibility of error and failure is step #1 for new insights, isn’t it?
And it’s no different with account-based marketing, you have to be willing to try and get it wrong to make the strategy work.